XAU/USD INTRADAY FIRDAY 13 MAY 2022
Well, as already mentioned Thu and Fri will be decisive as all TF are on junction to decide a way point. So be very care full in choosing an entry even last hour of session can make an up set.
For fibbo H1 Fri 13 as usual retracement is due but I see it limited to 183x at 23.6 and 38.2 Those who are in buys including me will get one chance to BE TP or close near to minimum loss. We should not wait for price to bounce back towards 1870 for the last dive. if it happens we may take new position but for instance just get out of the market ASAP or at least decide a SL that will not be shifted.
For fibbo H1 Fri 13 as usual retracement is due but I see it limited to 183x at 23.6 and 38.2 Those who are in buys including me will get one chance to BE TP or close near to minimum loss. We should not wait for price to bounce back towards 1870 for the last dive. if it happens we may take new position but for instance just get out of the market ASAP or at least decide a SL that will not be shifted.
Comment:
These comments are not mine. They are by : Dhwani MehtaFXStreet
Gold Price closed below the critical 200-Daily Moving Average (DMA) at $1,836 for the first time since February 3 on Thursday, flashing a red signal for market participants.
With the 14-day Relative Strength Index (RSI), however, turning flat above the oversold region, a minor rebound cannot be rebound in the day ahead.
The sharp sell-off in Gold Price could well justify a minor corrective pullback towards the abovementioned key support, now turned resistance.
Acceptance above the latter will call for a retest of the $1,850 psychological barrier, beyond which the recent range highs near $1,860 will be put to test.
On the flip side, if the bearish momentum kicks in again, then sellers will target the multi-month lows of $1,810 once again.
The next relevant downside cap is seen at the $1,800 round figure, below which the February 3 low of $1,789 will come into play.